Correlation Between Immage Biotherapeutics and Proficient Auto
Can any of the company-specific risk be diversified away by investing in both Immage Biotherapeutics and Proficient Auto at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Immage Biotherapeutics and Proficient Auto into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immage Biotherapeutics Corp and Proficient Auto Logistics,, you can compare the effects of market volatilities on Immage Biotherapeutics and Proficient Auto and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Immage Biotherapeutics with a short position of Proficient Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immage Biotherapeutics and Proficient Auto.
Diversification Opportunities for Immage Biotherapeutics and Proficient Auto
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Immage and Proficient is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Immage Biotherapeutics Corp and Proficient Auto Logistics, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Proficient Auto Logi and Immage Biotherapeutics is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Immage Biotherapeutics Corp are associated (or correlated) with Proficient Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Proficient Auto Logi has no effect on the direction of Immage Biotherapeutics i.e., Immage Biotherapeutics and Proficient Auto go up and down completely randomly.
Pair Corralation between Immage Biotherapeutics and Proficient Auto
If you would invest 768.00 in Proficient Auto Logistics, on October 20, 2024 and sell it today you would earn a total of 254.00 from holding Proficient Auto Logistics, or generate 33.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Immage Biotherapeutics Corp vs. Proficient Auto Logistics,
Performance |
| Timeline |
| Immage Biotherapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Proficient Auto Logi |
Immage Biotherapeutics and Proficient Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immage Biotherapeutics and Proficient Auto
The main advantage of trading using opposite Immage Biotherapeutics and Proficient Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immage Biotherapeutics position performs unexpectedly, Proficient Auto can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Proficient Auto will offset losses from the drop in Proficient Auto's long position.| Immage Biotherapeutics vs. Senmiao Technology | Immage Biotherapeutics vs. East West Bancorp | Immage Biotherapeutics vs. Pintec Technology Holdings | Immage Biotherapeutics vs. Nasdaq Inc |
| Proficient Auto vs. Empresa Distribuidora y | Proficient Auto vs. Park Electrochemical | Proficient Auto vs. Kinetik Holdings | Proficient Auto vs. CenterPoint Energy |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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